Additional benefits include an annual award, a monthly credit, exclusive benefits on selected Costco services, and more.
(Photo by Erik Mclean / pexels.com)
After a grace period, discount retail behemoth Costco’s “shop early” policy for Executive Members took effect on Sept. 1, granting them exclusive access before regular store hours.
For $130 per year, executive members can take advantage of exclusive access to stores from 9 a.m. to 10 a.m. on weekdays and Sundays, and from 9 a.m. to 9:30 a.m. on Saturdays. Store hours for other membership holders begin at 10 a.m. weekdays and Sundays, and 9:30 a.m. on Saturdays.
Costco initiated the new policy earlier this year, allowing for a grace period of up to Sept. 1 before enforcing the new shopping rules.
Additional benefits of the Executive Membership include a 2 percent annual award up to $1,250 on eligible purchases, a $10 monthly credit to use on a $150-plus order, exclusive benefits on selected Costco services, and the additional benefits of the regular Gold Star Membership.
At $65 a year, the Gold Star offers two membership cards and discounted shopping at stores and online.
A Sept. 2 check of the Reddit online platform revealed mixed feelings about the new policy. Some employees complained about working extra hours, while some customers expressed both positive and negative feedback.
“I upgraded my membership. It is such a relaxing shopping environment and not survival of the fittest,” one customer wrote. “What cracks me up the most though is people who show up an hour early without executive [membership] thinking they’ll get in, then cause a big scene when they are denied access.”
“On Day 1 of the executive hour, I worked at the entrance door. By 9:14 a.m., we were being recorded and told we were discriminating against Gold Star members, and she’s calling a lawyer,” a Costco employee wrote. “We said okay and waved at the camera.”
Another customer added, “It’s literally a private membership-based club. They can and do set their own rules, and it’s clearly stated in the membership agreement. People pay extra for early access.”
Based in Washington, Costco currently operates 910 warehouses, including 626 in the United States and Puerto Rico, 110 in Canada, 41 in Mexico, 37 in Japan, 29 in the UK, 20 in Korea, 15 in Australia, 14 in Taiwan, 7 in China, 5 in Spain, 2 in France and Sweden, and one each in Iceland and New Zealand.
For the third fiscal quarter, Costco reported $62 billion in net sales, representing an 8 percent growth from the previous quarter. In addition, it reported a 10.4 percent increase in new membership and a 90.2 percent global membership renewal rate.
Included in its top sales categories are jewelry, toys, home furnishings, housewares, small electronics, and apparel.